Down Payment Assistance Programs in Minnesota. How to get down payment assistance in Minnesota
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Down Payment Eligibility. The first step to getting down payment assistance in Minnesota is to find out all of the programs that you are eligible for. There are programs based on income, household size, county, occupation, etc. Use this great Down Payment Assistance Tool to find out what you qualify for.
Types of Down Payment Assistance in Minnesota
Down Payment and Closing Cost Assistance. Many of the programs available in Minnesota will pay your down payment, closing costs or both. MHFA is the largest down payment assistance organization in Minnesota and I am one of the top originators for MHFA down payment assistance. One of the things to remember for using MHFA for down payment and closing cost assistance is that the loan officer doing your down payment assistance has to also do you main loan. It is not allowed to have two different loan officers from different companies each doing a part.
Reduced Mortgage Insurance Loans. One of the benefits of using Down Payment assistance is the availability of reduced mortgage insurance first mortgages. Reduced mortgage insurance can save borrowers upto 25% in mortgage insurance costs.
No Mortgage Insurance Loans. A great program from several providers including the MHFA Preferred Risk Sharing loan can save borrowers hundreds of dollars. On a $175,000 dollar loan for a borrower with a 680 credit score, a borrower would save almost $205 per month.